please refer to the pdf attachedMicrosoft Word - ECON6000-Assignment2Module5-v.3.0.docx ...

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please refer to the pdf attachedMicrosoft Word - ECON6000-Assignment2Module5-v.3.0.docx 	 Module	5	-	Assessment	2:	Short	written	assessment	 	 	 Page	1	of	6	 	 ASSESSMENT	BRIEF	 Subject	Code	and	Title	 ECON6000	Economic	Principles	and	Decision	Making	 Assessment	 Module	5	-	Assessment	2:	Short	written	assessment		 Individual/Group	 Individual	 Length	 NA	 Learning	Outcomes	 1. Interpret	 and	 successfully	 apply	 economic	 concepts	 of	 supply	and	demand	for	effective	organisational	problem	 solving.	 2. Apply	quantitative	methods	to	forecast	complex	business	 variables	including	demand,	supply,	production	and	costs.	 3. Critically	analyse	production	processes	and	cost	functions	 and	classify	the	main	forms	of	market	structures	as	well	as	 recommend	appropriate	pricing	and	strategies.	 4. Critically	evaluate	the	role	and	impact	of	various	forms	of	 government	 intervention	 in	 the	 economy	 including	 the	 implications	 of	 competition	 and	 deregulation	 policy	 for	 managerial	practices.	 Submission	 By	11:59	PM	AEST/AEDT	Friday	at	the	end	of	Module	5	 Weighting	 20%	in	total	of	5	Modular	written	assessments	 	 Total	Marks	 20	marks	 	 Context:	 The	short	written	module	assessment	allows	you	to	apply	your	knowledge	on	the	concepts	 and	ideas	discussed	during	the	Module.	This	assessment	will	prepare	you	for	the	final	 report.	 	 	 	 Module	5	-	Assessment	2:	Short	written	assessment	 	 	 Page	2	of	6	 	 Instructions:	 Provide	written	answers	to	the	following	2	problems.	Discuss	and	explain	sufficiently.	 Problem	A:	 The	Board	of	Schmeckt	Gut	was	interested	in	the	demand	for	our	energy	bars	in	Atollia.		Therefore,	 the	Board	instructed	the	Research	Department	of	Schmeckt	Gut	to	conduct	a	survey	in	Atollia.		The	 results	of	the	survey	are	provided	in	Table	1.	 	 Table	1	–	Survey	results	for	Atollia	 Annual	average	 demand	of	energy	 bars	per	person	 Average	income	per	 person	 Tariff	rate	on	imports	 of	energy	bars	 Number	of	stores	 where	energy	bars	are	 offered	 106	 15500	 5	 15	 90	 15810	 5	 15	 93	 16395	 5	 15	 92	 16887	 5	 15	 91	 17495	 5	 15	 110	 18282	 5	 16	 109	 19013	 5	 16	 122	 19508	 5	 16	 82	 19898	 10	 16	 84	 20276	 10	 16	 102	 20702	 10	 17	 92	 21550	 10	 17	 115	 22197	 10	 20	 112	 22330	 10	 20	 109	 22754	 10	 20	 148	 23619	 7.5	 20	 143	 23855	 7.5	 20	 139	 24452	 7.5	 20	 158	 24941	 7.5	 23	 142	 25514	 7.5	 23	 158	 25948	 7.5	 23	 	 1. Using	the	results	of	the	survey	provided	by	the	Research	Department,	see	Table	1,	the	Board	 would	like	you	to	investigate	the	demand	for	our	energy	bars	in	Atollia	in	more	detail.		More	 specifically	the	Board	is	interested	what	the	impact	of	offering	our	products	at	another	store	 might	have	on	the	demand.	 Hint	A:	 You	should	make	use	of	Microsoft	Excel	tools	discussed	in	the	Module	End	 Learning	Activities	of	Modules	1	to	3.	 Hint	B:	 You	should	run	a	linear	regression	analysis	to	investigate	the	potential	impact	 of	offering	our	product	at	another	store.	 	 Module	5	-	Assessment	2:	Short	written	assessment	 	 	 Page	3	of	6	 	 	 Problem	B:	 The	members	of	the	Board	of	Schmeckt	Gut	are	scheduled	to	meet	with	the	Trade	Minister	of	 Industria.	The	Board	is	interested	in	convincing	the	Government	of	Industria	to	establish	closer	 economic	links	with	Atollia.		 1. Based	on	the	regression	results	that	you	have	estimated	as	part	of	Problem	A,	what	can	we	 tell	the	Trade	Minister	about	the	impact	of	the	tariff?	 2. Use	an	applicable	diagram	discussed	in	Module	4	to	explain	the	impact	of	the	tariff	on	our	 energy	bars.	 Problem	C:	 The	Board	of	Schmeckt	Gut	wants	to	convince	the	Government	of	Industria	that	a	Free	Trade	 Agreement	with	Atollia	would	be	beneficial	for	Industria’s	economy.	 1. Develop	a	brief	for	the	Board	on	the	benefits	of	Free	Trade	for	both	countries	and	industria	 in	particular.	Incorporate	the	results	of	your	regression	analysis	and	use	theory	and	graphical	 support.	 	 	 	 Module	5	-	Assessment	2:	Short	written	assessment		 	 	 	 	 	 	 Page	4	of	6	 	 Learning	Rubrics		 Assessment	 Attributes	 Fail		 0-49	 (Unacceptable)		 Pass		 50-	65	 (Functional)	 Credit		 66-75	 (Proficient)	 Distinction		 76-85	 (Advanced)	 High	Distinction		 86-100	 (Exceptional)	 Grade	Description	 (Grading	Scheme)	 Evidence	of	unsatisfactory	 achievement	of	one	or	more	 of	the	learning	objectives	of	 the	course,	insufficient	 understanding	of	the	course	 content	and/or	unsatisfactory	 level	of	skill	development.	 Evidence	of	satisfactory	 achievement	of	course	learning	 objectives,	the	development	of	 relevant	skills	to	a	competent	 level,	and	adequate	 interpretation	and	critical	 analysis	skills.	 Evidence	of	a	good	level	of	 understanding,	knowledge	 and	skill	development	in	 relation	to	the	content	of	the	 course	or	work	of	a	superior	 quality	on	the	majority	of	the	 learning	objectives	of	the	 course.	Demonstration	of	a	 high	level	of	interpretation	 and	critical	analysis	skills.	 	 Evidence	of	a	high	level	of	 achievement	of	the	 learning	objectives	of	the	 course	demonstrated	in	 such	areas	as	 interpretation	and	critical	 analysis,	logical	 argument,	use	of	 methodology	and	 communication	skills.	 Evidence	of	an	 exceptional	level	of	 achievement	of	learning	 objectives	across	the	 entire	content	of	the	 course	demonstrated	in	 such	areas	as	 interpretation	and	 critical	analysis,	logical	 argument,	creativity,	 originality,	use	of	 methodology	and	 communication	skills.	 	 Knowledge	and	 Understanding	of	 economic	concepts	 of	supply	and	 demand	 	 	 	 	 25%	 	 Limited	understanding	of	 required	concepts	and	 knowledge	 	 Key	components	of	the	 assignment	are	not	 addressed.	 	 	 	 	 	 	 	 	 	 	 Knowledge	or	understanding	of	 the	field	or	discipline.	 	 Resembles	a	recall	or	summary	 of	key	ideas.		 	 Often	conflates/confuses	 assertion	of	personal	opinion	 with	information	substantiated	 by	evidence	from	the	 research/course	materials.	 	 	 	 	 Thorough	knowledge	or	 understanding	of	the	field	or	 discipline/s.	Supports	 personal	opinion	and	 information	substantiated	by	 evidence	from	the	 research/course	materials.	 	 Demonstrates	a	capacity	to	 explain	and	apply	relevant	 concepts.	 	 	 	 	 Highly	developed	 understanding	of	the	field	 or	discipline/s.	 	 Discriminates	between	 assertion	of	personal	 opinion	and	information	 substantiated	by	robust	 evidence	from	the	 research/course	 materials	and	extended	 reading.	 	 Well	demonstrated	 capacity	to	explain	and	 apply	relevant	concepts.	 A	sophisticated	 understanding	of	the	 field	or	discipline/s.	 	 Systematically	and	 critically	discriminates	 between	assertion	of	 personal	opinion	and	 information	 substantiated	by	robust	 evidence	from	the	 research/course	 materials	and	extended	 reading.		 	 Mastery	of	concepts	 and	application	to	new	 	 Module	5	-	Assessment	2:	Short	written	assessment		 	 	 	 	 	 	 Page	5	of	6	 	 	 	 	 situations/further	 learning.	 Critical	reasoning,	 presentation	and	 defence	of	an	 argument	and/or	 position	in	context	of	 organisational	 problem	solving	 	 	 	 	 	 25%	 	 	 Specific	position	(perspective	 or	argument)	fails	to	take	into	 account	the	complexities	of	 the	issue(s)	or	scope	of	the	 assignment.	 	 Makes	assertions	that	are	not	 justified.	 	 	 	 	 	 	 	 	 	 	 	 Specific	position	(perspective	or	 argument)	begins	to	take	into	 account	the	issue(s)	or	scope	of	 the	assignment.	 	 Justifies	any	conclusions	 reached	with	arguments	not	 merely	assertion.	 	 	 	 	 	 	 	 	 	 Specific	position	(perspective	 or	argument)	takes	into	 account	the	complexities	of	 the	issue(s)	or	scope	of	the	 assignment.	Others’	points	of	 view	are	acknowledged.		 	 Justifies	any	conclusions	 reached	with	well-formed	 arguments	not	merely	 assertion.	 	 	 	 	 Specific	position	 (perspective	or	 argument)	is	expertly	 presented	and	accurately	 takes	into	account	the	 complexities	of	the	 issue(s)	and	scope	of	the	 assignment.		 	 Justifies	any	conclusions	 reached	with	well- developed	arguments.	 	 	 Specific	position	 (perspective	or	 argument)	is	presented	 expertly,	authoritatively	 and	imaginatively,	 accurately	taking	into	 account	the	 complexities	of	the	 issue(s)	and	scope	of	 the	assignment.	Limits	 of	position	are	 acknowledged.		 	 Justifies	any	conclusions	 reached	with	 sophisticated	 arguments.	 	 Analysis	and	 application	with	 synthesis	of	new	 knowledge	related	 to	economic	 concepts	of	supply	 and	demand	 	 	 	 	 30%	 	 	 Limited	synthesis	and	 analysis.	 	 Limited	 application/recommendations	 based	upon	analysis.	 	 	 	 	 	 	 	 	 Demonstrated	analysis	and	 synthesis	of	new	knowledge	 with	application.	 	 Shows	the	ability	to	interpret	 relevant	information	and	 literature.	 	 	 	 	 	 	 	 Well-developed	analysis	and	 synthesis	with	application	of	 recommendations	linked	to	 analysis/synthesis.	 	 	 	 	 	 	 	 	 	 	 Thoroughly	developed	 and	creative	analysis	and	 synthesis	with	application	 of	pretested	models	and	/	 or	independently	 developed	models	and	 justified	 recommendations	linked	 to	analysis/synthesis	 	 	 	 	 	 Highly	sophisticated	 and	creative	analysis,	 synthesis	of	new	with	 existing	knowledge.	 	 Strong	application	by	 way	of	pretested	 models	and	/	or	 independently	 developed	models.	 Recommendations	are	 clearly	justified	based	 on	the	 analysis/synthesis.	 	 Module	5	-	Assessment	2:	Short	written	assessment		 	 	 	 	 	 	 Page	6	of	6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 Applying	knowledge	to	 new	situations/other	 cases.	 Content,	Audience	 and	Purpose	 	 	 20	%	 Demonstrates	no	awareness	 of	context	and/or	purpose	of	 the	assignment.	 	 Demonstrates	limited	 awareness	of	context	and/or	 purpose	of	the	assignment	 Demonstrates	consistent	 awareness	of	context	and/or	 purpose	of	the	assignment.		 Demonstrates	an	 advanced	and	integrated	 understanding	of	context	 and/or	purpose	of	the	 assignment.	 	 Consistently	 demonstrates	a	 systematic	and	critical	 understanding	of	 context	and	purpose	of	 the	assignment.

Caleb · Accepted Answer

Surname 2
Student’s name
Tutor
Course
Date
Economic Principles and Decision Making
Problem A
A multiple regression analysis is carried out to determine the impact of income, tariff rates and the number of stores on the demand for the energy bars in Atollia. The table below shows the results for the regression analysis.
	 
	Coefficients
	Standard Error
	t Stat
	P-value
	Lower 95%
	Upper 95%
	Intercept
	-12.1602
	11.30761
	-1.0754
	0.297222
	-36.0172
	11.69675
	Income
	0.004838
	0.001815
	2.665207
	0.016316
	0.001008
	0.008668
	Tariff rate
	-6.

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